If you’re factoring, your bank won’t deal with you, so you have something fundamentally ####ed up to start with. I don’t use factors, my business supports lines of credit with my bank. Use factors if you want, but posting your customer list and rates on the front page of the Toronto Star is probably just as fast and cheaper than factoring. Try asking any of the small fleets that signed on to that Associate Carriers scam how that worked out for them. Simpsons told Sears their business, look at them now.
Factoring Companies
Discussion in 'Canadian Truckers Forum' started by MSQUARED, Mar 22, 2022.
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In my opinion if you don't have the funds to bank roll your business for at least 60-90 days then maybe you shouldn't be in business.Factoring is not the way to go.
BigHossVolvo and Another Canadian driver Thank this. -
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Magoo1968 and Another Canadian driver Thank this.
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Guys freak out when they find out that 3% fee is the equivalent of 36% interest when figured annually.. each month you factor 10k of invoices 300 bucks x 12 months 3600 bucks yet you had 10 k to play with each month not 120 k
Another Canadian driver and BigHossVolvo Thank this. -
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Another Canadian driver Thanks this.
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3% is 3%
the time frame doesn't matter.Another Canadian driver Thanks this. -
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That's backwards logicAnother Canadian driver Thanks this.
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